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February 10, 2020 at 11:27 AM
A company that was once a high-profile pillar of the U.S. life insurance industry is continuing to reestablish itself as an independent, U.S.-based company.
Equitable Holdings Inc. announced Friday that Thomas Buberl — the chief executive officer of AXA S.A. — has left the Equitable board.
(Related: Equitable Gets Its Name Back)
The Equitable Life Assurance Society of the United States was founded in New York in 1859, and its executives and directors were prominent in New York society.
AXA, a company based in Paris, acquired control over Equitable in 1991.
AXA began the process of spinning Equitable off as a separate company in 2017, partly in response to changes in European insurance company accounting and solvency laws.
AXA distributed stock in the unit, which was then known as AXA Equitable, to its own shareholders in May 2018. Immediately after AXA distributed the stock, AXA still had control over AXA Equitable. Since then, AXA has been selling much of its remaining interest in the unit.
The company formerly known as AXA Equitable cut “AXA” out of its name in January.
